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Saudi Arabia permits listed firms to buy land in Makkah, Madinah
RIYADH, 2 hours, 38 minutes ago In a major move, Saudi Arabia has granted permission to companies listed on the Saudi Stock Exchange (Tadawul) to buy real estate in Makkah and Madinah. This comes following the approval from Council of Ministers amending Article 5 of the Law of Real Estate Ownership and Investment by non-Saudis under which listed Saudi companies are exempted from the prohibition of non-Saudis owning real estate within the borders of Makkah and Madinah, reported As per this law, a non-Saudi investor with a natural or corporate personality is licensed to practice any professional, vocational, or economic activity may acquire the real estate necessary for practicing the activity in Makkah and Madinah.